A key park office of Hainan Free Trade Port is unveiled on June 3, 2020. (Photo/China News Service)
(ECNS) -- The Master Plan for The Construction of Hainan Free Trade Port, which aims to build the southern island province into a globally-influential high-level free trade hub, mainly focuses on six areas of liberalization and facilitation of trade and investment, according to a Chinese economic planner.
The six areas include liberalization and facilitation of trade, investment, cross-border capital flow, personnel flow, transportation, as well as the secure and orderly flow of data, said Lin Nianxiu, deputy head of the National Development and Reform Commission at a press conference on Monday.
For trade facilitation, the province will provide "zero tariffs" for trade in goods and "relaxed restrictions on both market access and business operation" for trade in services, according to Lin.
To facilitate investment, market access in the province will be significantly expanded to further boost the vitality of various market entities.
Capital accounts will be opened up in stages based on facilitation of trade in services to promote the unimpeded flow of capital across the border to Hainan Free Trade Port and the overseas in an orderly way.
Hainan will enact more flexible talent and residence permit policies for high-caliber talents, so as to develop the island into a talent pool.
The island province will roll out a series of highly liberalized, facilitating and open transportation policies, a move aimed to make Hainan FTP an international shipping and aviation hub along the New International Land-sea Corridor.
In order to ensure the secure and orderly flow of data, Hainan will take measures to open up its data-related industry and develop its digital economy.
